Financial Mistakes Married Couples Should Avoid at All Costs
The first time you turned to the Internet, friends or family, or just about any resource you could find for marriage help, it likely seemed that any one issue felt like two tons of weight. Couples struggle with finance in marriage more than many other problems encountered early in the relationship, mainly because it’s the first time they’ve shared financial resources with anyone.
If the difficulty managing finances in your marriage is leading you and your spouse to marital difficulties, we’d like to help. Our A New Beginning workshop may be just what you need to get your marriage back on track.
Instead of falling prey to common money mishaps and having to plan for separation finances, here are some of the most common mistakes couples make (and should avoid) in managing household finance:
- Debt and marriage is dangerous. Debt holds couples hostage to the nerve-wracking decision of whether to pay debt together or separately, especially if it’s a one-sided financial burden. Figuring out finances after marriage ultimately means compromise, so you and your spouse have to work together to determine a payment plan that avoids late payments and takes a chunk out of the debt as soon as possible.
- Spending each other’s money is bound to cause issues. It is absolutely a must to create a budget that keeps erroneous personal expenses at a reasonable level. There’s no faster way to spark an argument than to burn through a joint checking account as if it was “your” fun money instead of shared income.
- Don’t ever, ever keep money from your spouse! If you choose to maintain both separate and joint accounts, then outline your monthly income and budget openly to avoid any unwanted tension or trust issues. Lies and deceit are always harmful. Lies and deceit about money are devastating.
- If saving is a long or short-term goal, work together to determine how aggressively you want to set aside money each month. If necessary, invest separately to avoid mixing strategies and financial goals. Some like risks, others are more methodical. Find a balance between aggressive and safe when investing your money.
Now that you’re firmly entrenched in the world of finance in marriage, it’s very important to have a plan and prepare for any possibility and contingency when it comes to your money. If you and your spouse work together to avoid common financial pitfalls, then you can safely and efficiently manage your household finance without causing unnecessary marital problems.